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You will want insurance unless you want to loose your 7 acres and anything else you own. I would also consider forming a LLC to protect yourself even more. Will make insurance easier.
How far is this place from civilization? Medical staff is also something you may want to research. Maybe required by insurance or make your insurance rate cheaper.
The sad reality is that there are a lot of idiots and litigious people out there and you have to protect yourself. It will make the events more expensive but, the drivers will understand its to protect the future of the events.
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Comments should be taken as Opinions not as Statements of Fact 
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